Here is a list of the day’s latest China real estate news collected from around the web:
China Vanke Co. (3333), the nation’s biggest developer by market value traded on mainland exchanges, said full-year profit rose 30 percent it sold more small and medium-sized homes that are less affected by government curbs.
Net income climbed to 12.55 billion yuan ($2 billion) in the 12 months to Dec. 31 from 9.62 billion yuan a year earlier, the company said in a statement today. That compares with the 11.95 billion yuan average profit estimate based on 16 analysts surveyed by Bloomberg. Revenue rose 43 percent to 96.9 billion yuan, it said.
American shopping center operator Taubman Centers Inc. has reportedly invested CNY221.4 million in a joint venture of Beijing Wangfujing Department Store (Group) Co. for the operation and management of a shopping mall.
With the investment, Taubman’s Asia-headquartered subsidiary will cooperate with Wangfujing in the operation of a shopping mall in Zhengzhou, Henan province, according to reports in Chinese local media. Taubman Zhengzhou (Hong Kong) will hold a 49% stake in the related retailing joint venture, while Wangfujing will hold the remaining 51% stake.
Russian and Chinese buyers are snapping Phuket properties according to Knight Frank Phuket agency, but most of the customers who purchase mid to high-end properties in Phuket are investors and expats who reside in Hong Kong and Singapore, said Mr. Nattha Kahapana, Executive Director, Knight Frank Phuket Co., Ltd
He recently commented on the Phuket market, saying that 100 percent of the hi-end market in the province is comprised of foreign buyers, who, based on available statistics, mostly travel to Phuket by air.
It was billed as China’s Dubai: a cluster of sail-shaped skyscrapers on a man-made island surrounded by tropical sea, the epitome of an unprecedented property boom that transformed skylines across the country.
But prices on Phoenix Island, off the palm-tree lined streets of the resort city of Sanya, have plummeted in recent months, exposing the hidden fragilities of China’s growing but sometimes unbalanced economy.
China’s leading property development firm, China Vanke, made its debut in the U.S. property market recently in partnership with American real estate company, Tishman Speyer. The U.S. company now hopes to rope in more joint ventures with Vanke.
Tishman Speyer co-chief executive and president, Rob Speyer, said that the company was excited about its first venture with Vanke and hoped that the deal will lead to many other projects over the next few years, reports Businessweek.
China’s real-estate boom has been simmering away for several years now, watched enviously by estate agents all over the world.
Now the country’s developers are starting to look outside its borders. Last week, China Vanke Co Ltd, China’s largest developer by market value, hooked up with US real-estate firm Tishman Speyer Properties to jointly develop a plot of land in San Francisco, its first step into the US market.